Short answer
RUSH ENTERPRISES INC \TX\ (RUSHA) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $7.1B (−5.2% year over year) and net income of $264M.
- Top risk flagged: Regulatory risk: Potential repeal or weakening of state motor vehicle dealer laws could allow manufacturers to terminate dealership agreements without cause, threatening core revenue sources
FY2025 key financial metrics · XBRL
- Revenue
- $7.1B
- −5.2% YoY
- Net income
- $264M
- −13.3% YoY
- Operating margin
- 5.6%
- −0.7 pp YoY
- Gross margin
- 20.7%
- +0.1 pp YoY
- EPS (diluted)
- $3.27
- −12.1% YoY
- ROE
- 12.0%
- −2.2 pp YoY
- Operating cash flow
- $862M
- +39.1% YoY
Source: XBRL data from the RUSH ENTERPRISES INC \TX\ (RUSHA) FY2025 10-K on SEC EDGAR. USD.
RUSH ENTERPRISES INC \TX\ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Integrated retailer of commercial vehicles and related aftermarket services through 126 Rush Truck Centers in 23 U.S. states and Ontario, Canada
- New emphasis on CNG fuel systems via joint venture with Cummins and expanded vehicle telematics product offerings
- Strategic focus on growth via acquisitions and new dealership openings to broaden geographic reach and product lines
- Employee count totaled 7,937 (7,355 U.S., 582 Canada) with turnover improving to 26.0% in 2025 from 30.5% in 2024
- Aftermarket Products and Services drove 33.9% of total revenues ($2.523B) and accounted for 63.7% of gross profit, reflecting focus on higher-margin services
Management Discussion & Analysis
- Operating cash flow $861.8M in 2025 vs $619.6M in 2024, net income $266.0M vs $305.0M
- Capital expenditures $399.8M in 2025, including $289.6M for commercial vehicle purchases
- Dividends paid $58.3M in 2025, new stock repurchase program authorized for $150M but no shares repurchased yet
- Largest financing debt: $380M under PFC Floor Plan, $263.7M under BMO Floor Plan as of Dec 31, 2025
- Management expects $300M-$350M commercial vehicle purchases for 2026; key risks include economic cyclicality and credit availability
Risk Factors
- Regulatory risk: Potential repeal or weakening of state motor vehicle dealer laws could allow manufacturers to terminate dealership agreements without cause, threatening core revenue sources
- Geopolitical risk: 25% Commercial Vehicle Tariffs on certain imported vehicles and parts may increase prices, risking order cancellations despite expected price increases well below 25%
- Operational risk: Dependence on PACCAR and Peterbilt for majority of revenues and financing; loss of dealership agreements due to change of control could materially disrupt operations
- Market disruption risk: Emerging electric drivetrain vehicles could reduce parts and service demand, threatening aftermarket revenue as all represented manufacturers offer electric commercial vehicles
- Financial risk: $1.11 billion new commercial vehicle order backlog subject to cancellations, risking revenue and earnings volatility despite current confidence tariffs will not significantly impact backlog
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